GOLD - Possible scenarios
Updated
After the Gold reached the Resistance Area at 1295.4 to 1305.5 it started to form a new downtrend. At the moment the price is standing exactly on a Higher Low formed by the uptrend that started in January from the Daily support area at 1186.85 to 1178.5. Since it is a Daily Higher Low, this means that it is a level where an H4 trend is stopped. As you can see I have defined two possible scenarios – either the price to go up from that Low or the price goes below it and continues the newly formed downtrend. I have defined 2 Sell Zones and 2 Buy zones. The first Sell Zone reaches to the level where the previous Higher Low was formed on Daily time frame and the second one is below it reaching almost to the Daily Support Area. The first Buy zone starts from the Low where the price is now and is reaching to another small H4 level where the price might stop or consolidate. If it is broken the second Buy Zone reaches all the way to the Daily Resistance Area. Below you can find information on the zones:
Buy Zone 1: 1242 to 1259.7
Buy Zone 2: 1260.9 to 1294.4
Sell Zone 1: 1239.6 to 1215.4
Sell Zone 2: 1213 to 1197
The plan is made on the H4 time frame, but will be traded on the M30 time frame.
I will update the idea as it goes and I will also post Live Signals on our official Twitter page.
For more information and useful articles you can check our official Blog.
I wish everyone a profitable week! :)
Buy Zone 1: 1242 to 1259.7
Buy Zone 2: 1260.9 to 1294.4
Sell Zone 1: 1239.6 to 1215.4
Sell Zone 2: 1213 to 1197
The plan is made on the H4 time frame, but will be traded on the M30 time frame.
I will update the idea as it goes and I will also post Live Signals on our official Twitter page.
For more information and useful articles you can check our official Blog.
I wish everyone a profitable week! :)
Note
After a huge swing down covering almost fully Sell Zone 1, the pair is currently retracing. I will wait for an end of the retracement in order to Sell.Trade active
Live Trade available on our Twitter page!The trade was taken after a break of a small uptrend correction channel.
Trade closed: stop reached
Our SL was hit on the Live Trade during the night. So far we are down 33.2 pips, but it is just the beginning of the month and bad trades happen. I will continue monitoring the pair and trade according to our plan.Note
So the plan started to work out and the first Sell Zone was covered. I will be looking for more Sell opportunities since we are already in the second Sell Zone. Follow us on Twitter for updates. :)Order cancelled
I am cancelling trading on this plan. I will monitor and post a new plan as soon as we have a good opportunity. Good luck :)
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